In the May 2017 budget, the Government announced that from 1 July 2018, older Australians could contribute up $300,000 each (per couple) from the sale of their family home into their Superannuation Fund. This measure is to encourage older people to downsize from family homes that no longer meet their needs, while also freeing up these homes to younger families starting out.

Do you pass the test to contribute the sale of your home into your Superannuation?

Currently the rules state that if you are over 65 years of age, then you cannot contribute into Superannuation unless you meet the “work test” (meaning you have worked at least 40 hours in a 30-day period and been paid for this service). If you do meet the work test, then you can only contribute up to $100,000 in after-tax contributions, and $25,000 in before-tax contributions.

Another layer of complexity to this is that even if you are over 65 in age,

Do you want to make your life easier, your superfund compliance easier and of course help make the administration of your superfund easier?

We go on and on about data feeds and the important role they play in your superfund’s administration and we are now finally starting to see this also flow across to the audit of superfunds.

Less paperwork

How would you like to travel around and get on with life, not having to worry about being home or having internet access to be able to provide us with documentation for the completion and audit of your superfund accounts? This is finally possible!

Software company, Class Super, has spent plenty of time and resources into auditing the data feeds they receive so that other independent auditors can place more reliance on this data. This is fantastic news, as this has a flow on effect to you all as clients.